TICKY FULLERTON, PRESENTER: After seven months of public acrimony and 13 hours of private wrangling, there is a new deal for Greece. Eurozone ministers have signed off on a second bailout package pulling Greece back from the brink. There's a catch, with lenders receiving a money back guarantee if Athens fails to meet economic targets.

PHILLIP LASKER, REPORTER: The Greek economy has its lifeline, and global markets have some peace.

TIM HARCOURT, UNSW: Given all the speculation and the deadlines missed, it's a relief. At least there's a modus operandi for moving forward.

PHILLIP LASKER: Greece will receive 130 billion euro - enough to avert bankruptcy. Most of the money will go towards stabilising Greece's financial system. Greece's debt is expected to hit 160 per cent of GDP by 2020. It will now be restricted to a little over 120 per cent. Private sector holders of Greek debt will take losses of 53.5 per cent of the value of their bonds, and the 12 billion euro profit the European Central Bank made on Greek bonds over the past two years will be handed back to Athens.

TIM HARCOURT: Ultimately, Europe and Germany have got to hold Europe together, and so they will do whatever it takes to keep Greece in. But ultimately, there's two things that could happen. One is if Greece doesn't meet its commitments - but also if they go too hard on the austerity measures and cause so much social dislocation that could jettison the deal.

PHILLIP LASKER: But Australia's Reserve Bank says the global threat from Europe has eased, so the latest board minutes cited it a reason for keeping the official cash rate on hold this month. It also included comments supporting the retail bank's decision to hike interest rates independently of the RBA because of rising global funding cost pressures.

GLENN STEVENS, RESERVE BANK GOVERNOR: Relative to the rate we set, the funding costs have gone up a little bit because they haven't fallen as much as the cash rate. And that is a fact, and the banks have responded to that in a way that you would expect they would.

PHILLIP LASKER: The French bank, Societe Generale, says the Reserve Bank's own data doesn't support that view. Its Asia Pacific interest rate analyst says, ‘almost all funding sources for Australian banks are cheaper than their post-GFC highs and have kept falling since the second half of 2011 in absolute terms.’

CHRISTIAN CARRILLO, RATE ANALYST, SOCIETE GENERALE: It is more likely that it is related to the fact that banks are trying to protect their profit margins.